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and if this is the scenario, we would still have to relinquish our exemptions and cap holds ( to make an offer above the mid level or through a sign and trade) as I believe we would be acting above the cap.

I guess my point through all this is that I am looking for ways not to amnesty Calderon. He has to have value throughout the league that I would not want to see us lose.

If the S&T was Calderon for Nash (@$12M), the Raps would only be adding $1.5M to their team salary. Since they have about $7M cap space available ($12M - $4M for Bayless QO - $1M for Weems QO), they would have plenty of cap room to make it work, without having to renounce Bayless/Weems.

They would likely renounce/trade Bayless and/or Weems if they wanted to make a substantial offer to a guy like Batum. Without renouncing Bayless/Weems, the max offer they could do would be $5.5M. Once they remove Bayless & Weems, they'd have about $10.5M available to throw at Batum. That would only take them up to the salary cap, not even over it.